Gov't probing corporate car registrations for dishonest pricing

The Ministry of Land, Infrastructure and Transport is launching an investigation into corporate cars registered in 2023 to identify potential falsely reported acquisition prices.

BMW vehicles with light green license plates are parked at a parking lot in Seoul on Sunday. [YONHAP]

The Ministry of Land, Infrastructure and Transport will kick off a large-scale investigation of all corporate cars registered this year, looking for any falsely reported acquisition prices.

Corporate cars with a price tag of more than 80 million won ($57,350) are required to affix light green license plates instead of the standard white plates in an attempt to curb the misappropriation of corporate vehicles for personal use unrelated to business activities.

The Ministry believes that corporate vehicles priced above 80 million won have been sold through dual contracts, with the seller setting the vehicle's price at lower than 80 million won and receiving the rest in cash, in order to avoid using a green plate.

BY CHO YONG-JUN [cho.yongjun1@joongang.co.kr]